HYBE Designated As First Entertainment Conglomerate

On May 15th, 2024, the Fair Trade Commission (FTC) announced that HYBE has been classified as a conglomerate group with total assets exceeding 5 trillion won, as stated in the FTC’s disclosure requirements. HYBE’s founder, Chairman Bang Si-hyuk (52 years old), holds the largest stake of 31.57% in the company and serves as its head.

It appears that K-pop’s increasing popularity in the global market has led to the growth of HYBE. The latest business report from HYBE shows that its assets reached 5.3457 trillion won by the end of last year, reflecting a 9.8% increase from the previous year. This placed HYBE at No.85 on the overall asset chart.

Despite HYBE’s status as a conglomerate, Chairman Bang Si-hyuk has risen to the same level as other conglomerate heads.

Furthermore, Netmarble, which is owned by Bang Jun-hyuk (56 years old) and is believed to be related to HYBE’s Chairman Bang Si-hyuk, has been included in the list of conglomerates since 2018. This is the first instance of two relatives being listed as heads of conglomerates since the implementation of the conglomerate and heads designation system in 1986.

According to an official from the FTC, the global market has shown a strong interest in K-pop, particularly in groups like BTS. This is a testament to the swift growth of the Korean entertainment industry, where profits mainly come from albums and performances.

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